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Friday, May 23, 2008

Bush, Congress at odd over suing OPEC

WASHINGTON — The House has passed legislation that would enable Americans to sue OPEC for price-fixing.

Under the bill, OPEC, which has refused to significantly increase crude oil production, could be sued in U.S. courts, Middle East Newsline reported. On May 20, the House passed the bill by a vote of 324-84.

OPEC produces 40 percent of the world's oil supply.

"The House today with a strong bipartisan and veto-proof margin voted to hold foreign oil cartels and Big Oil accountable," House Speaker Nancy Pelosi said.

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President George Bush has threatened to veto the legislation. The White House has warned that the bill could reduce oil supplies, raise prices and threaten American jobs.

"Instead of using a veto threat to shield cartels and Big Oil companies from accountability, the Bush administration should work with the Congress to protect American consumers," Ms. Pelosi said.



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